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with the debt ceiling. it with was a solution which nobody thought would go into place as a way of raising the debt ceiling so we could take that risk off of the table. i think that one of the reasons why you are seeing the markets doing so well recently is because that tail risk has receded. it is important that congress raise the debt ceiling without drama when we reach that point again this summer. on the other hand, the president has tried as hard as he can to get congress to agree to a balanced approach to the fiscal problems and balanced approach that closes tax loopholes that smartly cut spending, and addressing the health care and entitlement problems, because that is the source of the deficit problems. i remember before christmas, we were negotiating with the congress, and speaker boehner tried plan b, and unfortunately, we could have addressed our problem problems at that point. >> right, rig. >> and now it looks like the se quester is going to be a slow grind on the economy. >> now back to the economic report which is weighty, but it is interesting nuggets for our viewers in her
in 2011 when obama wanted to raise the debt ceiling. the amount that america can borrow to pay its bills. it's sort of like raising the credit limit on your visa to pay off your mastercard if you had used your mastercard to pay for two trillion-dollar wars. but -- listen, wait. [cheers and applause] they were worth it because now we can use all the free miles to go to the next war. [cheers and applause] but the republicans -- but the republicans would only raise the debt ceiling if the president promised later spending cuts. if those were not passed by an arbitrary date, it would trigger the sequester, a doomsday scenario designed to cripple programs that both sides love. the democrats would see damaging reductions in education, national parks, vaccination programs, food inspection, even the national zoo while republicans would see cuts to everything they hold dear like the military. [laughter] the point is -- [cheers and applause] -- if the two sides failed to come to a compromise in march 2013 would come in likeÑi a lion and go out like a lion loose from the unguarded national zoo. it
happen over the next few months. there's the next big deadline is not until the debt ceiling comes up again which would be sometime between may and the summer based on the last legislation they passed. obviously the president is refusing of course to negotiate again on the debt ceiling. >> so if they came together and got some sort of grand bargain in the budget process, does that avoid deadlines like the debt ceiling? does it all get wrapped in there and does it deal with sequestration? >> that would be the idea to finally resolve these issues at least for the next several years that would include finding spending cuts. the president also wants revenue to replace the sequestration a as well as extend the debt limit for a period of time at least as the president wants it so he doesn't have to deal with it again at least in the next couple of years and perhaps the rest of his term. >> all right. heidi, the hearing now debating a continuing resolution which funds the government keeps the government running. what is the difference between that and what russell was just talking about? >>
. obviously the president is refusing to negotiate again on the debt ceiling. >> if they did that, they came together and got some sort of grand bargain in the budget process, does that avoid deadlines like the debt ceiling? does it get wrapped into there and deal with sequestration? >> that would be the idea. resolve the issues for the past several years. so the president would not have to do with it in the next couple of years. debating aing now continuing resolution which funds the government, keep the government running, what is the difference between that and what russell was talking about? >> we have not had budgets. we of been running on the stopgap system of confrontations every six months between democrats and republicans over the so-called continuing resolutions which keep the government running. over the past two years we have seen this circus of arguments between the two sides over extracting additional spending cuts in exchange for continuing resolutions. the one interesting thing i saw from the congressman is a looks like maybe we will see an end to that, and maybe the house wi
. and growing.on and the debt ceiling had been set a certain level. now they have uncapped it until may 16. the government can continue to burn as much debt as they need to finance the government through may, and that a couple more months, as they use a murder to measures at the treasury department, but we will close -- we will be close to $7 trillion by the end of the year. host: you can contact us here or send usc-span.org a tweet to twitter.com/cspanwj. the house has passed a budget resolution through the committee, no problem. then it will go to the senate floor, their budget resolution. both of these things will be happening next week. i think there will be more interest on the house side. the republican caucus in the house is a little less predictable, let's put it that way, than the senate democratic groups. if they can keep this budget resolution and get it through the house floor, then we can begin the process where the senate democrats and house republicans meet in conference and try to iron out the differences. that will be difficult but the process that needs to take place if t
th, we're set to hit the debt ceiling. some say that's going to be the real showdown. annie lowry is the economic policy reporter with "the new york times." nancy cook is the economic and fiscal correspondent for the "national journal." annie, both sides put budgets out. everybody knows neither one is going anywhere. what happens next? >> eventually we'll go through the same sort of continuing resolution process you've seen in the last couple years. the budgets are political documents. they'll probably both pass their respective houses but there's almost no way to bridge the gap between them and they're very vague documents. again, these are kind of political postures. we'll go through the same sort of slow process of appropriating money through continuing resolution that we've last the last couple years. >> the budgetary process, central to what the government is supposed to do, not supposed to be a political process, sure, the government's priorities but it's technical where everybody tries to come together and hammer it out. when people say things -- nancy, they say this a lot,
, we're set to hit the debt ceiling. some say that could be the showdown. i want to bring in nancy, with the "new york times." andy, let's start with you. both sides put budgets out. everybody knows that neither of these budgets are going anywhere. what happens next? >> so, essentially, we're going to go through the same sort of continuing resolution process that you have seen over the last couple years. as you pointed out these budgets are political documents. they'll probably both pass their respective houses, but there's almost no way to bridge the gap between them and they're very vague documents. again, these are kind of political postures, then we're going to go through the slow process of getting money through the resolution. >> the budgetary process is not supposed to be a political process, necessarily. sure, it's the government priority, but it's a fairly technical process where everybody tries to come together and hammer it out. when people say things, and nancy, they did this a lot. everybody has been putting forth budgets and they're failing. these are not really budge
? because we wouldn't raise the debt ceiling. and the republicans said we've got to have some cuts, mr. president. we have got to do something about the debt course. we can't continue. we're not going to allow you to keep running with the credit card of the people of america if you don't show that you're changing your habits and you're containing some of your lust to spend. finally an agreement. he hated it worse than anything. finally an agreement. he signed it. "i agree that if if you will raise my debt ceiling right now of $2.1 trillion, i promise in the future that i'll cut spending $2.1 trillion." if you let me do it over ten years, i'll sign it. but i've got to have my debt ceiling now. less than two years later we've already increased the debt ceiling $2.1 trillion. we're right up there again having to raise the debt ceiling again. it will be a matter of weeks that this has got to be confronted again. well, what about the spending cuts? before the ink was dry on that agreement, signed by the president himself, i've got the document right here, in blue ink, barack obama right the
because of the negotiations over the debt ceiling. the administration wanted to clean increase in the debt ceiling. when we were facing a potential disaster because of reluctance on the part of congress to raise the debt ceiling. we saw a solution which we hope would not be put in place. no one expected it to be put in place. the idea was to have a commitment mechanism we wouldn't need to force us to make better policy decisions on the sequester. and in the negotiations, what i was referring to was the fiscal cliff negotiations at the end of last year, where the matters were very close. the president did not ask for more revenue in those negotiations. he actually asked for less. he had 1.6 trillion in his budget, came down to 1.2 trillion. i will point out charlie the president has done unusual he's kept his last offer on the table. he didn't retreat and say no i want to go back to that original figure. he kept some very difficult offers on the table to reach a bargain, including entitlement reforms. and so the president has been looking for a balanced way to do this. and in some sense it'
it doesn't. maybe we get a debt ceiling fight down the road. washington still hanging on this economy to a great degree, it means the fed -- also nowhere near the unemployment target. there's nothing in the numbers to suggest the fed would be anything but completely dovish. >> sue? >> josh is going to join the conversation now. i think basically ben set it up for us perfectly. it does seem to be the u.s. fed versus the rest of the world. and once again mr. bernanke is presented with a crisis in another part of the world which may have to influence what he does here in the united states. >> that's exactly right. cyprus is going to play a big role in how he deals with europe. i think the fed wants to be curbs. if it's going to make any kind of move, it wants that move to be successful. that's going to be a guiding principle going forward. we have to remember there's a lot of forward looking events like that debt ceiling issue which is going to crop up in the middle of may. how we handle that will influence the economy going forward. we have to think forward when we read through the fed.
to raise the debt ceiling will generate another discussion about solving the real problem. the only way to help america is to fix entitlement issue. nothing else will get the job done. we are hopeful that he will be willing to step up with us and solve that problem. we are ready to talk about that. outreach is a good thing. i'm all for it. i have recommended to him that he had the rest of our members down in small dinners. reports were that it was a candid and fruitful discussion. i think having more of that rather than less of that is a good idea. thank you. [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute] >> the house budget committee will markup paul ryan's 2014 budget proposal at 10:30 a.m. eastern on c-span three. president obama returns to capitol hill to meet with house republicans today and with senate republicans on thursday. friday, mr. obama travels to the argonne national laboratory near chicago. it is one of the energy department's largest laboratories for research staff by more than 1000 scientists and enginee
have crazy -- another complication over the debt ceiling. at this point, it is dysfunct n dysfunctional politics getting in the way of an economy gradually getting its act together. >> does the economy in terms of federal finances need what's been characterized as a grand bargain? do you think it's possible? i was listening to a political analyst who said if a grand bargain means somebody has to -- each side has to sign on to raising tacks and cutting entitlement, he knew of no politician who would buy that bargain. >> i don't think it's likely, but i wouldn't put it this way. i would say the division between the parties is too large. that we've -- we as republicans basically have not acknowledged the election. that's the problem. it is not urgent. the congressional budget office debt projections show pretty much stable u.s. indetectivedness for the next ten years. they do not show anything that looks like a crisis. we have long, long run problems but not anything that has to be dealt with this year or five years from now or seven years from now. >> are you worried about t
starting at the end of march. we get to debt ceiling during the summertime and republicans won't raise the death ceiling unless we have cuts and democrats will revolt at that. i don't think that will happen. i think they'll find some way to raise it for another year or so in a way that's not terribly damaging to the economy because while republicans don't want tax increases, they also know they got decimated the last time we had a debt ceiling crisis and didn't look good coming out of the fiscal cliff and they nevada look good coming out of budget fights. it's not worst case scenario to kick the can down the road. that's what we'll do. >> you can look at this and shake your head at where we have come to without this normal budget making process, whatever normal used to be. markets continue to be at multiyear highs. we're not necessarily getting any cuts that are significant enough to derail growth in the long-term but at the same time we're not getting reform to encourage people about the budget and a balanced budget longer term but the market doesn't really seem to care completely sha
. the biggest question right now is the debt ceiling in july and august could be the next powder came. both sides seem to be shying away from a showdown over funding the government. they don't want to risk a government shutdown because both sides can blow up in their faces. that's probably a safe die. >> host: to join on c-span radio, which is her coast-to-coast, our guess is damian paletta covers the budget and economic policy issues for "the wall street journal" is joining us from clinton, maryland. our life for democrats, good morning. >> host: can you hear me okay? >> guest: if you turn the volume down, we'll hear you much better. >> caller: nobody's talking about jobs. we need to focus more on jobs and cutting the budget. our going to get out of the situation is people are paying taxes. so we are worried about cutting back and we need to go forward with jobs. with the sturdy programs, they're going in the hole. we don't want to do that. we want to move forward. we have an election and the people said they wanted to go with the democratic plan to rescue our economy. we're still fighting
told the american people, who were reluctant to raise the debt ceiling, and a lot of members of congress were reluctant to raise the debt ceiling since we were so irresponsible around this place, but an agreement was reached recognizing that could be disruptive to a significant degree, that we would raise the debt ceiling $2.1 trillion but we would reduce spending over ten years $2.1 trillion. well, we've already run up another $2.1 trillion in debt. we've already hit that. but they're proposing, and the president himself in his budget last january, six months -- less that six months after he signed the budget control act eliminating a little bit of the growth in spending, he's proposing to eliminate it, at least the sequester part of it, which is $1.2 trillion, 60%. so here are some other figures that are plain that the american people should know about this budget. it has a 60% spending increase over ten years, would increase spending 60%. it has $162 billion increase in spending next year, another stimulus bill. $7.3 trillion in new federal debt will be added under this bu
republicans and democrats have agreed to continuely raise the debt ceiling that can exit. the next speaker has been an outspoken advocate to not raise the debt ceiling so our children do not inherit a debt-ridden future. the next speaker has been outspoken for the unilateral repeal for obamacare. [applause] more so than anything else, our next speaker is one of the most courageous conservatives in the country. she stands for principle, she will oppose a republican just like she will oppose a democrat. she's fighting if the future of the country so my generation can prosper. ladies and gentlemen please join me in welcoming congresswoman michelle bachman. [applause] >> good morning. good to see you. good morning. love you too! good morning. welcome, everyone. thank you for that wonderful cpac early morning welcome. welcome to washington, d.c. the epicenter of care and compassion. it is a very unique city as you know. you have to show a photo i.d. in other words to have a white house tour then they turn around and demand you put away your i.d. before you vote for the man sitting in the white hous
to this moment. a year and a half ago, there were negotiations in washington over what we call the debt ceiling. the debt ceiling must be lifted by us in congress if the federal government cannot pay its bills and we must borrow more to give that authority to the administration. that negotiation ended with three outcomes. first, congress would cut spending by an amount greater than the rise in the debt ceiling. second, a super committee would be formed to negotiate the right type of tax reform and the right type of spending reduction. third, automatic spending cuts, now known as the sequester would take place -- this was proposed by the president and agreed to us by us in congress -- if the super committee failed. these automatic cuts to the budget was supposed to be so distasteful that it would motivate us all to find solutions to fix the budget crisis. but the super committee failed. now the sequester has kicked in. mr. speaker, 70% of americans want this deficit reduced. i imagine those numbers are probably higher in nebraska where i live where fiscal responsibility is the core characteristi
ceiling but during an interview with abc he said the u.s. doesn't have an immediate debt crisis. >> have an immediate crisis in terms of debt. in fact for the next ten years it will be in a sustainable place. >> that is a startling different stance than we heard from the president during his 2008 campaign. >>> number 43 added $4 trillion by his loan some so we have over $9 trillion of debt that we are going to have to pay back. 30,000 dollars for every man, woman and child. that's irresponsible. it's unpatriotic. >> republicans kararen't takinge comments likely. they approved paul ryan's blue print plan that would balance a budget in a decade with $4.6 trillion worth of cuts. the house will consider it on the floor next week. republicans say the debt needs to be handled with more urgency. >> my view is, i think he and many like him, many democrats on capitol hill for that matter don't think of this as a debt crisis because things haven't imploded yet. it's not a question of if it's a question of when. >> on wednesday patty murray has a plan that leaves the country $556 billions in shortf
of holding the debt ceiling hostage. so unilaterally declared that to the floor for cuts and not a ceiling and now it is a way of avoiding the sequestration of the defense budget to the remarkable set of additional cutbacks and means tested programs of one sort or another. i even solve the most analytic reporters that david rogers of politico showed in the course of writing about that. and of course we had yesterday a successful republican filibuster on the senate democratic plan extending the law were student loan rate in financing it in a particular way. i know in "the new york times" this is the 21st successful republican filibuster in this congress. most of it is not if you will consequential and the filibuster was in the first two years because there was a republican house and democratic wishes from the white house and the senate are not likely to be realized but the fact is that it has been so commonplace and it's taken for granted in most press reports the word filibuster never is elevated to the story itself because it is a procedural motion. it didn't get the 60 votes it needed. i
agreed if we continue with razor debt ceiling, that number will go a. but the next speaker has been an outspoken advocate for not raising the debt ceiling without equal cuts and not razor debt ceiling's our children cannot inherit a debt ridden future. the next speaker has been an outspoken advocate for the unilateral repeal of obamacare. >> and more so than anything else, our next speaker is one of the most courageous conservatives in the country your she stands for principle, she will oppose republican just like she will oppose a democrat. she's fighting for the future of this country, so my generation can prosper. ladies and gentlemen police join me in welcoming congresswoman michele bachmann. [cheers and applause] ♪ ♪ >> good morning. good to see you. so glad you're here. good morning. love you, too. good morning. welcome, everyone. thank you for that wonderful, wonderful tea bag or the morning welcome. and you are up and you. welcome to washington, d.c. the epicenter of care and compassion. it is a very unique city, as you know. you have to show a photo id in would have a w
to this debt ceiling debacle led to the first downgrading of american credit in the history of this country. we have a president who refuses to put a single plan on paper that addresses the deficit spending, entitlement reform, those are inexplicable. he is willing to do a photo op with he's more than willing to do a theo op to talk about 1% of total annual budget. if the president is word about overtime pay for capital janitors, i say what about the stagnant wages of millions of american workers? what? americans resigned to food stamps? what about small businesses and homeowners that cannot get loans because of dodd-frank? what about more than 20 million americans who cannot get full- time work due to the most anemic recovery since the great depression? mr. president, your plan to tax and spend our nation to l asperity will fai spectacularly as the economics you have borrowed from john maynard keynes. thes be clear about what is crux of the debate in washington. americans will surrender to the creation of a massive welfare states in the image of western europe. thequarrel is not with legitimat
sense. i'm certain about washington whose fiscal cast fee these debt ceiling and overnight things that's had an unnerving effect on investment investment. if we could stop that. >> aren't you guy who championed the search, infrastructure education. where is that coming from? >> i'm not talking about doing all that stuff. i'm talking about -- >> woodruff: i'm out of this. have at it. >> that's not be dysfunctional. you can have good government, i'm all for that but let's not have dysfunctional government which has been so unnerving. >> do you know anybody who has spent as much -- >> yes, i know -- >> who is running on that ticket. okay you had another question. >> woodruff: i'm going to wrap this up by asking you about the pope. the catholic church has chosen a new leader, francis of argentina, jesuit, somebody who is a humble person. >> he was thrilled. i found his humanity enormously appealing. i love the fact he has spoken about income and equality, about the thin of the misappropriation in society where people are poor that's an offense against common decency. it's a little bit li
stepped back because we do have this debt ceiling vote coming up soon. we have to stop the spending -- >> neil: you used to work there, and i always think there's a method to all madness, and i think that someone there, within the ranks of the party establish; must be saying, we can't agreg aggressively push this because maybe in and of itself, pushing the idea of immediately attacking the debt and we don't, immediately backfires on us. >> i'll go bark the words of the former chairman of the joint chiefs of staff mullen who said our debt is the most critical national security crisis of the country. that it is coming from the chairman of the joint chiefs of staff. i believe everybody else in washington, dc would get onboard. you would not think that something such as that financial matter would have something to do with national security but it does you. look at what its going on with the missile interceptors we're moving up into alaska, it's costing us now two to three times what should it have cost, and we'll hear to borrow money from china, in order to have a missile defense shiel
. obviously it could change. that or the debt ceiling deadline coming up in the spring. we don't know if we'll get a reprieve turned into a pardon. >> thank you, sir. >>> the governor of colorado today signed new laws that regulate the sales of guns. hours earlier somebody gunned down one of his state's top law enforcement officials. the man who heads the bureau of prisons, opens the door and he's shot dead. connection? the latest from both ends of this important story coming up. max and penny keptur bookstore exciting and would always come to my rescue. but as time passed, i started to notice max just wasn't himself. and i knew he'd feel better if he lost a little weight. so i switched to purina cat chow healthy weight formula. i just fed the recommended amount... and they both loved the taste. after a few months max's "special powers" returned... and i got my hero back. purina cat chow healthy weight. after a few months max's "special powers" returned... with an intuitive motion activated lid and seat,ad bold makes sure you'll never have to ask him again. >> shepard: the head of the color
're going to do the recession here first. you can see back in september 2011, when we're dealing with debt ceiling, the probability of recession by this group, 36%, fell to a low of 19% around the winter of 2012. remember when everything was being looking good, it dipped down again. the probability of recession went up again. now it's fallen again for the second straight month. 2011, 17.6%. not quite off the charts because we still have room here but it's the lowest that we've seen since we began asking this question. i don't know if we have the growth forecast chart here, guys, if we can go back to that. here are the actuals. year over year gdp, 2.6, 1.8, lackluster and picking up to a lackluster not great 2.6%. i want to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that co
debt ceiling issues and then our -- obviously, o national debt and deficits -- neil: are they whistling past the graveyard? >> we'll have an adjustment. i hope not. i hope we continue to build incomes up, keep the corporate profits up, but unless we reform the tax code, unless we reform, obviously, the entitlement programs, unless we get debt and deficit and fiscal issues under control, we're in trouble. neil: senator, i thought you were swimming upstream in massachusetts. amazing, ted kennedy's seat, shocking, actually. maybe you set sights on a national stage where your argument resinates more among folks in the country. are you interested in that? >> i think you need people like me and others. you have rubio, portman, thune, good republicans, a lot of good democrats who bring a common sense approach to who we are -- neil: i know that, but would you specifically, scott brown? >> i'm not ruling anything out, but now i'm happy and honored to be a fox contributor. i'll recharge engines and bring my message to the american people and remind them and challenge them -- i want to challenge t
with the debt ceiling. if i don't get what i want, i'm blowing up the building. >> the market doesn't care what's happening in washington. >> that's right. washington is making its irrelevant. >> the market has voted those guys irrelevant. >> right. >> why -- i think they do care. i think they were worried washington would do something even worse. and so i think getting through the mine field and nobody, nothing incredibly terrible happened. actually is what is reducing the risk premium and causing the market -- >> not to mention the economy is improving, which means tax revenue is coming in and spending cuts have been made to this point that some people say are significant. >> the deficit has been reduced very significantly. not in a way that anybody thought was particularly intelligent. but it's happened. >> you're starting to see capital expenditures. capital spending even at that level, people, it's business confidence. these events that were really scary are now behind me. what does it mean to me? i'm going to go ahead and invest. >> the one and only question is for everybody who has been
for the debt ceiling fight that we're going to face this summer. with each of these things, it sort of feeds into the next budget battle. that's what it's meant to do this week. >> brown: in the meantime you have the president coming to capitol hill today for the first time with four meetings with all the different factions. what do you hear from members about either the ones who have already participated or are they looking forward to this? do they see something good coming out of it? what's going on? >> the great thing about hving the bully pulpit of the white house is even if people are critical of the president, it's always flattering to either get an invitation from the president to dinner or to have the president come visit politicians' turf by coming up to capitol hill. i talked with a number of senate republicans last week who seem to... you know, they seemed excited by the dinner. they were unclear if it would lead to a big budget deal. i think today senate democrats were a little less flattered but still excited that the president came up to capitol hill and they're hearing from hi
: what about when we hit the debt ceiling? because at that point the congress has the power of the purse. would you have the power at that point? >> so that's why we have a budget process, right? so our budget process, that our budget proposes to repeal that, patty murray i'm glad she's doing a budget and proposes a budget that raises taxes and never pass as budget, but the first time four years in the senate, that gives a pros cess where we can look at the spending in government and that's what the debt limit is about. by doing a budget process which we haven't done for four years, we can look at all government spending. right now with the continuing resolution, that just looks at a small slice of the pie, what we call discretionary spending which does not deal with the vast majority of obamacare spending. >> sean: all right. let me ask maybe the question another way. is there another way, assuming the senate and a radical agendaed president are never going to go along with repealing obamacare. is there a way that the house will ultimately be able to get that done? >> well, you'd have t
, early august. that's when the nation's debt ceiling has to be raised once again and if they don't do it by then, america's crededy worthiness could be endangered once again, a reduction in america's credit rating. there's a lot to discuss. >> you are a hopeful, hopeful man, wolf blitzer. charm is always a good thing. we will see how far charm takes the president with the ideas so die metically opposed. you can join wolf this afternoon as we go inside the tsa's secret store room, on "the situation room" today at 4:00 eastern time. >>> she, of course, came into our lives as a strong and independent rhoda on "the mary tyler moore show." valerie harper is showing us how to face the end of life gracefully and completely and with such courage. [ nyquil bottle ] you know i relieve coughs, sneezing, fevers... [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i heard him. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. a body at rest tends to stay at rest... while a body in motion tends
on each side? it's as if nothing happened since the debt ceiling debacle of july 2011. neither budget seems to reflect the reality of where things are in d.c. these budgets were created solely, solely for interest groups who keep score to decide who is a real democrat and a real republican. these budgets were not even designed to start the conversation on the grand bargain. this was, maybe one baby step forward, and everybody proposed a budget, but it's three steps back. so the question is whether the two parties can bridge this wide divide and tackle serious entitlement and tax reform. this is where the president may or may not decide to fill the vacuum. in an interview with abc news, the president said it's possible nothing will happen. >> right now, what i'm trying to do is create an atmosphere where democrats and republicans can go ahead, get together, and try to get something done. but ultimately, it may be that the differences are just too wide. >> interesting to see, when the president releases his budget, senate democrats were much further, perhaps, to the left, than maybe som
or the debt ceiling, but at some point, it's either symbolic or they have to be willing to shut down the government. his answer to me was that the full faith and credit of the united states would be in jeopardy and my answer to him was, wait a minute, we take in 2.7 billion our obligations could be paid for seniors and the military and our debt service, who is right? >> you're right because boehner is repeating what obama says. the bottom line is this, the debt is the interest on the debt that is due. we bring in far more money than is required to pay the interest on the debt to cover social security and medicare, to cover the military and the vets. >> sean: all right. >> and what he's talking about and boehner is doing is paying for all the rest of the stuff. >> sean: by the way, you look good, great one. you lost some weight and you're working out and you look like you're ready to go in ufc boxing which you love so much. >> i love the ufc. god bless you. thank you, buddy, you're looking pretty good yourself in a manly kind of way. >> sean: gee, thanks, mark. the great one, mark lev
half of the year, you are going to see a pickup, once you get through sequestration and debt ceiling and all those kinds of things. >> any thoughts on the banks, given what we saw last night? >> i was very impressed with the banks, in terms of the performance, and i still think those stocks are very cheap. a lot of stocks trading below tangible book value at this point. >> they are. >> they've really underperformed the market this year. and everything that's happened today is positive for them. >> after a great year last year. everybody, thanks so much. appreciate your time today. see you soon. nothing lasts forever, and that is certainly true with the dow's ten-day winning streak, which came to a halt today. kayla tausche recapping the week along with the winners and losers. over to you, kayla. >> the dow rally came to a halt today, ending that ten-day streak, and down the first friday of 2013. still, a solid week overall for stocks. the dow and s&p posting gains of less than 1%. the nasdaq was up slightly as well, but the headlines were really made when we hit those record market h
after another, whether it's the fiscal cliff, the debt ceiling, or the sequester, if they want government to function? >> yeah, i think they got their universes mixed up. across theory is big in physics. so is string theory. they're stringing us along. they're trying to deny the legitimacy of any kind of countervailing argument that could put their stuff into context, to say your budget is really shrinking the ability of most americans to be able to eat every day. you're shredding the safety net. you are casting aside to the margins those people who are already working class and barely middle class and who can't make it. god knows what the working poor do which means they get up and work 40, 50, 60 hours a week and still can't make ends meet. this is a draconian measure deployed by people who seem to be out of touch. i think cpac reinforces and underscores the fact they're so far out of touch that they're in a different universe here. they have to come back to earth. there's a crisis going on, all right, martin, but they don't seem to be in touch with it. as long as they refuse
, repeatedly whether it was the debt ceiling negotiations or the super committee. or the fiscal cliff or the sequester deadline. now because republicans chose to embrace the sequester, let it take place, let it be implemented with all its negative impacts, that's a negative. but the fact is it means we don't have the looming deadline that requires you know, huddled negotiations with congressional leadership to try to produce an outcome before you know, something terrible happens at midnight on any given day. we now are engaged in what's called regular order. budget process that includes the house passing a budget resolution, the senate passing its budget resolution. the president submitting his budget and then hopefully, hopefully through conference you know, through meetings of the house and the senate, you know, some kind of compromise emerges that represents the balance that the american people want. you know, we can, we hope that that's what happens and that's why the president is engaged in this strategy. we don't know if it will, because you know, it's definitely, when you hear
when he rattled off a list of potentially dangerous consequences of not raising the debt ceiling back in 2011. >> no federal government employees, including counterterrorism agents, in the fbi, for example, no border agents. now, before we default, we could have time to make this sign for all points of entry. that's just the tip of the iceberg. >> i think he was being sarcastic, don't you? >>> now to the ones who were ill advised for whatever reason. first iowa republican congressman steve king with the solution for illegal immigration in the form of a construction project on the house floor. >> you can't shut that off unless we build a fence and wall. i want to put a fence in and a wall in. i designed one. this would be an example, then, of how that wall would look. you can also deconstruct it the same way. you can take it back down. i also say we need to do a few other things on top of that wall. one of them put a little bit of wire on top to provide a disincentive for people to climb over top or put a ladder there. we can electrify this wire, not a current that would kill anybody,
on the debt ceiling before his re-election. >> true. >> and so he forced this process to occur and insisted. >> but he didn't want the sequester cuts. >> well, no. he didn't want the cuts, but we had the sequester as a result of his demands. and i'm told my colleagues in the house that the sequester will stay in effect until there is an agreement that will include cuts and reforms that put us on a path to balance the budget over the next ten years. >> but no tax increases. >> no tax increases. the president already got $650 billion worth of tax increases january 1st. he got a trillion dollars worth of tax increases in obama care. this year the federal government will bring in more revenue than any year in our history and yet we're still going to have a trillion dollars budget deficit. spending is the problem. >> the white house says in response, yes, it's true. taxes went up more than $600 billion over ten years at the end of the year but it is also true the white house put $1.5 trillion worth of spending cuts in their budget. the truth is you're both right. i mean, they have offered spendi
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